Can-Fite Biopharma (CANF) Stock Rises After Extending Liver Cancer Drug Treatment
NEW YORK (TheStreet) -- Can-Fite Biopharma Limited (CANF) stock is soaring by 33.33% to $3.52 in late morning trading on Monday, after the biopharmaceutical company announced that its liver cancer drug would be expanded into testing treatment for non-alcoholic steatohepatitis (NASH).
Can-Fite develops drugs for treating inflammatory diseases and cancer. The company's CF102 drug, which is in Phase 2 trials, will be expanded into treating the liver disease known as NASH.
"Results from our recently concluded preclinical study of CF102 in liver disease revealed compelling data," CEO Pnina Fishman said in a statement. "Based on these findings, we've filed a patent for CF102 in the treatment of NASH. Because the prevalence of NASH continues to grow and no treatment currently exists, our data support the development of CF102 for the treatment of NASH."
About 2% to 5% of Americans are affected by NASH, which occurs in people who drink little or no alcohol, according to the National Institute of Diabetes and Digestive and Kidney Diseases.
Deutsche Bank estimates the addressable pharmaceutical market for NASH will reach $35-40 billion in size by 2025, Can-Fite said.
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